Singapore sets GDP growth forecast for 2020 at -0.5 to 1.5 pct

Source: Xinhua | 2020-02-17

Singapore's Gross Domestic Product (GDP) growth will stand at -0.5 to 1.5 percent in 2020, with growth expected to come in at around 0.5 percent, the mid-point of the forecast range, the Ministry of Trade and Industry (MTI) announced in a report on Monday.

The ministry said that the Singapore economy grew by 0.7 percent in 2019, which was lower than the 3.4 percent growth recorded in 2018.

In a breakdown, the manufacturing sector contracted 1.4 percent last year, a reversal from the 7 percent growth in 2018; the construction sector expanded 2.8 percent, a turnaround from the 3.5 percent contraction in 2018; and the services producing industries grew 1.1 percent, compared to the 3.4 percent growth in the previous year.